Investments such as these do not mean that our strategy has changed.

investments such as these do not mean that our strategy has changed


and we are going to take a hard look at our manufacturing strategy


closing and funding in the last few days of the third quarter in our private equity


There is no impact on the business other than that. The business stays the same.

there's no impact on the business other than that the business stays the same


share some of the thinking and rationale that's going on here. But you probably got an asset that

share some of the thinking and rationale that's going on here but you probably got an asset that


This is after significant interest and cash tax payments in the third quarter.

this is after significant interest and cash tax payments in the third quarter


Our commitment to growing our system business was also on display,

our commitment to growing our system business was also on display


Overall, demand in the aerospace market continues to be solid, especially for aluminum plate,

overall demand in the aerospace market continues to be solid especially for aluminum plate


And the value of the program really is about both points-earning and where can I use those points.

and the value of the program really is about both points earning and where can i use those points


Over time, you should expect to see this business grow and grow as a contributor to the group.

over time you should expect to see this business grow and grow as a contributor to the group


Note that the current year included 6 months of Medicare competitive bidding price reduction

note that the current year included 6 months of medicare competitive bidding price reduction


We have also doubled our business in painting tools through the acquisition of Harris

we have also doubled our business in painting tools through the acquisition of harris


This is purely an accounting effect, and we don't expect a meaningful impact in future years.

this is purely an accounting effect and we don't expect a meaningful impact in future years


lower channel discount on AutoCAD LP and an increase for multiuser subscriptions.

lower channel discount on autocad lp and an increase for multi-user subscriptions


Turning to the fourth quarter, we're very pleased with our operating and financial results.

turning to the fourth quarter we're very pleased with our operating and financial results


That rolls off in the third quarter of 2019, and so there will be a step function change

that rolls off in the third quarter of 2019 and so there will be a step function change


This is reflective of our continued focus on developing and enhancing our business services product set.

this is reflective of our continued focus on developing enhancing our business services product set


Well, thanks everyone for being on the call. We will talk to everyone next quarter.

well thanks everyone for being on the call we will talk to everyone next quarter


And that was -- in addition to the marketplace issue that we were dealing with,

and that was in addition to the marketplace issue that we were dealing with


Second question is actually the other side of the same coin.

second question is actually the other side of the same coin


all in all this year, we would be at a similar level of last year, with slightly up as we have increased

all in all this year we would be at a similar level of last year with slightly up as we have increased


and to that point how does this relate to your funding requirements for your development


I think the holistic approach that we bring from both a financial planning and investing

i think the holistic approach that we bring from both the financial planning and investing


And our target for working capital remains to be single digit within the next 18 months.

and our target for working capital remains to be single digit within the next 18 months


but they do provide a more sustainable financial outcome for these stores going forward.


we haven't changed that one, but we need to explain. This is above the

we haven't changed that one but we need to explain it this is above the


With all of their oil and gas flowing through a flexible pipe, there's a lot riding on the performance of this technology.

with all of their oil and gas flowing through a flexible pipe there's a lot riding on the performance of this technology


If I could start with the Clear Lam. Can you give us a sense as to

if i could start with clearlam can you give us a sense as to


In light of the continued stable order situation at Deutsche Telekom and the volume of new orders,

in light of the continued stable order situation at deutsche telekom and the volume of new orders


but it would be premature to have any -- there is no correlation to the distribution structure in the first


an operating working capital in line with or just above last year.

and operating working capital in line with or just above last year


the factors described in our historical filings with the New York State Department of Financial Services

the factors described in our historical filings with the new york state department of financial services


Turning to our second quarter segment results, starting with Medical and Healthcare.

turning to our second quarter segment results starting with medical and health care


you will see that revenues are down significantly versus the corresponding period last year.


Meanwhile, as I think most of us know, Mexico's gas production continues to decline.

meanwhile as i think most of us know mexico's gas production continues to decline


where do you see the spending going? And what areas of your business would most likely have the opportunity to benefit from this?

where do you see the spending going and what areas of your business would most likely have the opportunity to benefit from this


In addition, we completed implementation of our revenue management system in July,

in addition we completed implementation of our revenue management system in july


we now have something that we can identify the population that needs the most help.


today, we can say that this provision


Finally, the transaction will deliver compelling financial benefits,

finally the transaction will deliver compelling financial benefits


motivated and dedicated. They have a deep understanding of their customers

motivated and dedicated they have a deep understanding of their customers


how you -- the flexibility of having that spend depending on what type of volume the market gives you.

how -- the flexibility you have in that spend depending on what type of volume the market gives you


In addition, we've updated our auto frequency and severity loss estimates for the fourth quarter

in addition we've updated our auto frequency and severity loss estimates for the fourth quarter


Our focus is on building advocacy and loyalty for the Benchmark Communities brand.

our focus is on building advocacy and loyalty for the benchmark communities brand


per your question, by the various specific environmental regulations and deadlines

per your question by the various specific environmental regulations and deadlines


it's wildly different in terms of what we can expect. And I think historical

it's wildly different in terms of what we can expect and i think historical


We don't want to be in a model where we have this race to the bottom where we can go out and buy business.

we don't want to be in a model where we have this race to the bottom where we can go out and buy business


as you know, we made a deliberate decision to retain as part of the

as you know we made a deliberate decision to retain as part of the


And I have to say that in spite of all the disruption caused, our customers

and i have to say that in spite of all the disruption caused our customers


the first one we call the value strategy, this is mostly about the kind of people that are in this room.

so the first one we call the value strategy this is mostly about the kind of people that are in this room


Thanks for your continued interest, and now I will turn the call over to Rich.

thanks for your continued interest and now i will turn the call over to rich


is this a function of higher production? Or are there other factors in play?

is this a function of higher production or are there other factors in play


For details about these risks, please see the earnings release that accompanies this call

for details about these risks please see the earnings release that accompanies this call


and also establishes the validity of these Codexis patents for purposes of the case.

and also establishes the validity of these codexis patents for purposes of the case


the need for lighter weight components and quieter interiors is becoming increasingly important.


should be sustainably higher than a lot of the other sort of similar size peers? Because a lot of the banks

should be sustainably higher than a lot of the other sort of similar-sized peers because a lot of the banks


So we are certainly looking -- one of these that -- I think if you look at

so we are certainly looking -- one of the things that i think if you look at


We also need to ensure we have a scalable platform to support where the business

we also need to ensure we have a scalable platform to support where the business is headed


The proceeds will be used to repay the -- most of the outstanding balance on our line of credit

the proceeds will be used to repay most of the outstanding balance on our line of credit


We expect another year of earnings growth, as our business should continue to benefit from growth in new construction,

we expect another year of earnings growth as our business should continue to benefit from growth in new construction


We believe the RPO market has tremendous potential on a worldwide scale,

we believe the rpo market has tremendous potential on a worldwide scale


So it's really just kind of a recycling program for those people who have kind of reached their term.

so it's really just a kind of a recycling program for those people who have kind of reached their term


technology and innovation. Global technology development

technology and innovation global technology development


as well as to provide you with our operational and commercial update.


Probably what was expected to be a formal outcome by mid of next year

probably what was expected to be a formal outcome by mid of next year


we need to be able to create value or we just won't pursue those opportunities. So

we need to be able to create value or we just won't pursue those opportunities so


When we cycle out of this tough farmer environment,

when we cycle out of this tough farmer environment


in the fourth quarter. Much of the investment that we made would have hit the market

in the fourth quarter much of the investment that we made would have hit the market


We'll talk more about our strong cash flow generation at the upcoming CAGNY conference.

we'll talk more about our strong cash flow generation at the upcoming cagni conference


So I was just trying to understand that if we remove the raw material cost and even on lower sales,

so i was just trying to understand that if we remove the raw material cost and even on lower sales


for what it takes in areas you're competitive into bringing new money in the door as far as rate goes.

for what it takes in areas you're competitive in to bring new money in the door as far as rate goes


By paying close attention to changes in economic environment,

by paying close attention to changes in economic environment


So these are all cash and equivalent, ready

so these are all cash and equivalent ready


for a patent covering methods and use claims for treating opioid use disorder


Good morning, everyone. It's a pleasure to be with you today and to report our first quarter results.

good morning everyone it's a pleasure to be with you today and to report our first quarter results


as we've seen the Q3 results over the last couple of weeks, most of the banks have had

as we've seen the q3 results over the last couple of weeks most of the banks have had


You can find more information about risks, uncertainties and other factors that could affect our results

you can find more information about risks uncertainties and other factors that could affect our results


just give us a little more color, if you don't mind, on the breakdown of that. How much of that is Venmo? And then

just give us a little more color if you don't mind on the breakdown of that how much of that is venmo and then


at each rate. I think that's exactly what we've done in terms of the value that we've created

at e-trade i think that's exactly what we've done in terms of the value that we've created


give us some color and context for that statement and what kind of things you're thinking about there?


The work we're doing in the smart home space is a great example of how we are expanding what we sell.

the work we're doing in the smart home space is a great example of how we are expanding what we sell


Additionally, we also intend to grow these platforms through bolt-on acquisitions.

additionally we also intend to grow these platforms through bolt-on acquisitions


And there are some people out there who think this could be the best drug to treat psoriasis.

and there's some people out there who think this could be the best drug to treat psoriasis


with materially increased financial strength and flexibility to drive our long-term growth ambitions.


To address this, as you know, we made some trial modifications to patient entry criteria

to address this as you know we made some trial modifications to patient entry criteria


We don't have a whole lot of customers live with that yet because there's still a lot of development work going on in the partnership.

we don't have a whole lot of customers live with that yet because there's still a lot of development work going on in the partnership


Even as we support strong business growth, we maintained significant financial flexibility.

even as we support strong business growth we maintain significant financial flexibility


Is there any further room to cut that even more?

is there any further room to cut that even more


gasoline supply and that it might make it somewhat of a zero-sum game. And so

gasoline supply and that might make it somewhat of a zero-sum game and so


The increased guidance reflects interest expense associated with our first quarter issuance of debt.

the increased guidance reflects interest expense associated with our first quarter issuance of debt


We've covered a lot of ground, yet we remain in the early days across all 4 of our strategic initiatives.

we've covered a lot of ground yet we remain in the early days across all 4 of our strategic initiatives


This was actually somewhat compensated by higher volumes in Tibnor and in Ruukki Construction.

this was actually somewhat compensated by higher volumes in tibnor and in rookie construction


Natural gas revenue was impacted by a 40% decrease in AECO during the quarter.

natural gas revenue was impacted by a 40% decrease in eco during the quarter


These decreases were partially offset by continued strength in our Life Sciences product lines.

these decreases were partially offset by continued strength in our life sciences product lines


those 2, which were a result of acquisitions, not a result of losing a client per se.

those 2 which were a result of acquisitions not a result of losing a client per se


the revenue from new lines will be meaningfully more than that of our earlier expectations.


As you know, actual events and results can differ materially from these forward-looking statements.

as you know actual events and results can differ materially from these forward-looking statements


nice improvement versus underwriting models across the board in that cohort. We feel very good about it.

nice improvements versus underwriting models across the board in that cohort we feel very good about it


that are working for us and people know that and it's very important that we keep them here.


Just to be clear, in terms of sort of the lower end on the revenue side,

just to be clear in terms of sort of the lower end on the revenue side


It's a little harder to buy cattle in the beginning of the years that are going to get marketed in the half of the year

it was a little harder to buy cattle in the beginning of the years that are going to get marketed in the last half of the year


as the ultimate measure of financial health is your net worth and key to increasing that is saving and investing over the long term.


Our first quarter MLR in Florida was approximately 90% on a reported basis.

our first quarter mlr in florida was approximately 90% on a reported basis


With the relocation complete and the new offerings up and running and available to the marketplace,

with relocation complete and the new offerings up and running and available to the marketplace


and the subsequent recovery of inventory in each of the third and fourth quarters

and the subsequent recovery of inventory in each the third and fourth quarters


from television to other areas but an absence of money being spent.


During the second quarter, we completed the expansion of our OTT commercial channel.

during the second quarter we completed the expansion of our ott commercial channel


Despite these changes, it is important to remember that at the end of the day,

despite these changes it is important to remember that at the end of the day


in this quarter, we saw some significant growth from the Philippines, driven a lot

in this quarter we saw some significant growth from the philippines driven a lot


And so to the extent that the pound becomes weaker because of this, it actually benefits us.

and so to the extent that the pound becomes weaker because of this it actually benefits us


But also Scott, just keep in mind that once we're through this major waste-stripping campaign

but also scott just keep in mind that once we're through this major waste stripping campaign


And is a straight equity offering on the table as one of those possibilities?

and is a straight equity offering on the table as one of those possibilities


Our balanced capital approach is centered on being flexible, opportunistic and disciplined.

our balanced capital approach is centered on being flexible opportunistic and disciplined


in good times actually, more operating leverage than we have in the past. Okay.

in good times actually more operating leverage than we have in the past


and further vendor management savings, and the continued tackling of our real estate footprint.

and further vendor management savings and the continued tackling of our real estate footprint


As you see on the left side of this page, we delivered on this commitment, but we know we need to do more.

as you see on the left side of this page we delivered on this commitment but we know we need to do more


Additionally, we are focused on addressing inefficiencies across our entire expense base

additionally we are focused on addressing inefficiencies across our entire expense base


At this time, I'd like to turn back to Mr. Kolstad for any closing remarks.

at this time i'd like to turn back to mr kohlstedt for any closing remarks


recovered well from some of these avalanches, which have been

recovered well from some of these avalanches which have been


and on top of that, the fact that the media coverage he got was not because he was a

and add on top of that the fact that the media coverage he got was not because he was a


We have just eliminated some of the older new product that we were working on.

we have just eliminated some of the older new products that we were working on


And you just look at that. And you look at what do you think is the right decision for the partnership

and you just look at that and you look at what you think is the right decision for the partnership


It's the time of closure, which is not yet fully established

it's the time of closure which is not yet fully established


just the increase in relationship managers? Or is it the type of money you're attracting?

just the increase in relationship managers or is it the type of money you're attracting


These earnings does not reflect any significant benefit from the cost reduction program

this earnings does not reflect any significant benefit from the cost reduction program


section. Where do you see the gaps? Where do you think you're a bit underweight? Where would you like to

section where do you see the gaps where do you think you're a bit underweight where would you like to


And we're seeing customers really moving towards doing that. So we're not seeing, I think, a hesitation on the part of

and we're seeing customers really moving towards doing that so we're not seeing i think a hesitation on the part of


by the vast number of patients needing new medicines and the dearth of companies innovating in this area.


any sort of uptake in ARISTADA on the heels of the ALPINE study results for this year?

any sort of uptake in aristotle on the heels of the alpine study results for this year


On -- one advantage of having the existing plant is that the metallurgy and

on -- one advantage of having the existing plant is that the metallurgy and


the remaining amount of the purchase price is then recorded as goodwill.

the remaining amount of the purchase price was then recorded as goodwill


However, we continue to be mindful of the situation and are carefully managing our exposure

however we continue to be mindful of the situation and are carefully managing our exposure


at any high level. So eventually they need to start to buy. But we call it

at any high level so eventually they need to start to buy but we call it


We delivered on important customer fuel trials and business development activities,

we delivered on important customer field trials and business development activities


picking up the best ones that make the most sense for our shareholders and that

picking out the best ones that make the most sense for our shareholders and that


Hyper-convergent technologies and the changes that are going to occur in the IT world

hyperconvergent technologies and the changes that are going to occur in the it world


and came despite the restructuring charges at Marsh and Mercer during the year.

and came despite the restructuring charges at marsh and mercer during the year


and I think the capital growth program is increasingly becoming the engine room and driver of growth that it should be.

and i think the capital growth program is increasingly becoming the engine room and driver of growth that it should be


as you can see from the WWW graphs,


For example, we see through our ARCH program

for example we see through our arts program


you think this is something that you're going to continue to work with and you think it gets a little bit better?


Notwithstanding, this is an extremely important step in our recovery.

notwithstanding this is an extremely important step in our recovery


on Syndicate and reinsurance business that is offsetting strong growth in Europe and Latin America.

on syndicate and reinsurance business that is offsetting strong growth in europe and latin america


Just to be clear, we don't run our business based on the existence of a pricing cycle.

just to be clear we don't run our business based on the existence of a pricing cycle


This means that revenues can only be recognized when classified as highly probable,

this means that revenues can only be recognized when classified as highly probable


Management believes that providing insights on these measures enable investors to better understand

management believes that providing insights on these measures enable investors to better understand


could you quantify how much of your implicit guide for December is already accounted for

could you quantify how much of your implicit guide for december is already accounted for


whether that number's still in play in your mind or whether that's changed since the last time you commented?

whether that number is still in play in your mind or whether that's changed since the last time you commented


and have brought in a lot of competitive product, just need some attendance and attention,

and have brought in a lot of competitive product just needs some attendance and attention


I know some of my colleagues in the market might suggest that there is

i know some of my colleagues in the market might suggest that there's a


This outcome does not reflect our view on the outlook and current performance of that business.

this outcome does not reflect our view on the outlook and current performance of that business


in the current year. And in turn, that's actually going to be beneficial for us.

in the current year and in turn that's actually going to be beneficial for us yes


So the plan is that these expenses we more than offset

so the plan is that these expenses will be more than offset


But even though people are thinking in a healthier way, they aren't getting healthier.

but even though people are thinking in a healthier way they aren't getting healthier


This represents an important use case for our data and integrated offering,

this represents an important use case for our data and integrated offering


particularly on the asset side of the balance sheet. And we are focused on

particularly on the asset side of the balance sheet and we are focused on


patients who see predominantly a GI attack and how you would

patients who see predominantly a gi attack and how you would


accelerate in terms of higher level of orders and larger orders in that part of the world.


By delivering excellent service, we expect to maintain this rapport with our customers.

by delivering excellent service we expect to maintain this rapport with our customers


we believe that the financial impact to our business would be minimal for a variety of reasons.


around the strategic rationale and the synergy potential of this merger


improve our gas selling activities through an active commercial policy


Personnel costs for the first 9 months of 2018 were impacted by additional bonuses

personnel costs for the first 9 months of 2018 were impacted by additional bonuses


I would tell you that we still have the bias to the upside, as we did in the first and second quarter.

i would tell you that we still have the bias to the upside as we did in the first and second quarter


We are confident that we will continue to execute at that high level as we have demonstrated consistently.

we are confident that we will continue to execute at that high level as we have demonstrated consistently


and do not represent the core areas of focus for Endo. Accordingly,

and do not represent a core areas of focus for endo accordingly


whether you believe that now there is


Also, could you please elaborate on the fee structure of the company

also could you please elaborate on the fee structure of the company


And let me close with the normal health warning to pay particular attention to the cautionary statements

and let me close with the normal health warning to pay particular attention to the cautionary statements


Please turn to the next slide for information on Honda's second quarter sales.

please turn to the next slide for information on honda's second quarter sales


to stay competitive in your industry, your career and your job.

to stay competitive in your industry your career and your job


tanker fleet that is taking scrubbers closely. Have you done any work around

tanker fleet that is taking scrubbers closely have you done any work around


characterize us as being in the early innings of really getting after the


Given this, our current view for the full year is that cigarette volumes will be down

given this our current view for the full year is that cigarette volumes will be down


And I think that's probably the best indicator on actually where the industry is.

and i think that's probably the best indicator on actually where the industry is


driven by a combination of improved market activity and market share gains.


This will allow us to build our global filing platform on a single data warehouse

this will allow us to build our global filing platform on a single data warehouse


and we typically have a slowdown in our mining activities in the winter months in Oakdale, Wisconsin

and we typically have a slowdown in our mining activities in the winter months in oakdale wisconsin


The revolving line of credit piece of our credit facility still has a variable interest rate,

the revolving line of credit piece of our credit facility still has a variable interest rate


more junior members of the team a cost of living wage increase in the year.

more junior members of the tma cost of living wage increase in the year


due to a combination of increased benefits from our supply chain centers of expertise


I'd like to share with you the progress we have made in each of these areas since our last call.

i'd like to share with you the progress we have made in each of these areas since our last call


A complete replay will be available from the end of the day for a period of 12 months on the company's website

a complete replay will be available from the end of the day for a period of 12 months on the company's website


This guidance is fully qualified by the forward-looking statements contained in yesterday's press release

this guidance is fully qualified by the forward-looking statements contained in yesterday's press release


have they been coming back a tiny bit? And what is the mood in Europe that you're seeing?

have they been coming back a tiny bit and what is the mood in europe that you're seeing


our joint venture with Simon Property Group. This transaction provided a significant portion

our joint venture with simon property group this transaction provided a significant portion


very, very hard to put specifics around that. When it comes to product development spend,

very very hard to put specifics around that when it comes to product development spend


We therefore anticipate that our production of physician samples will return in the second half of the year.

we therefore anticipate that our production of physician samples will return in the second half of the year


That concludes our prepared comments. We will now open the call to your questions.

that concludes our prepared comments we will now open the call to your questions


is maybe less volatile, we might have a decision on that, but not in this

is maybe less volatile we might have a decision on that but not in this


related to higher commodity prices during production and increased royalties.


We expect to complete the sale by the end of the year subject to customary closing conditions.

we expect to complete the sale by the end of the year subject to customary closing conditions


Now before I turn over the call to Tim, let me address the other news we announced today.

now before i turn over the call to tim let me address the other news we announced today


which is really the reason why we've seen so many customers recommit to us over the years, is because

which is really the reason why we've seen so many customers recommit to us over the years is because


multiple public clouds because many of our customers are now using multiple public clouds


put it on the market. So we'd like to have the buildings substantially leased with some term.

put it on the market so we'd like to have the buildings substantially leased with some term


will come from an anticipated major new deal that we expect to announce in the near future.


We demonstrated the strength of our execution, and we finished the year with momentum.

we demonstrated the strength of our execution and we finished the year with momentum


These study designs will be presented at ASCO this year.

these study designs will be presented at asco this year


and we've seen a couple of competitors do some things that were a little off market.


is primarily driven by the increase in the incentive revenues that we now expect to earn


that deliver both competitive returns to shareowners and significant benefits to customers.

that deliver both competitive returns to share owners and significant benefits to customers


Before providing our outlook, I'll ask Sean to provide more details on our first quarter results

before providing our outlook i'll ask sean to provide more details on our first quarter results


And I was also wondering if you can just give us a little bit more granularity in terms of

and i was also wondering if you could just give us a little bit more granularity in terms of


The 410 basis point improvement in operating margin over the same quarter last year

the 410 basis point improvement in operating margin over the same quarter last year


second only to the day we wrote our first mortgage insurance policy just 3 years ago.


and part of a protocol that these patients can go into a multi-dose study.

and part of the protocol that these patients can go into a multidose study


What are your guys' thoughts on as far as shareholders? Have you done the math on

what are your guys' thoughts on as far as shareholders have you done the math on


opportunities, and we expect to put on a good show. We'll tell you all what's

opportunities and we expect to put on a good show to tell you all what


but it's really a waste of money. You would perform so much better. So the big problem

but it's really a waste of money he would perform so much better so the big problem


the cost to produce gives us that advantage without causing profit disruption

the cost to produce gives us that advantage without causing profit destruction


If the questions on direct marketing expansion, i.e., the operating costs,

if the questions on direct marketing expenditure i e operating costs


Just moving on to look at that capital investment in a little bit more detail on the next slide.

just moving on to look at that capital investment in a little bit more detail on the next slide


And we do think for a relatively inexpensive investment, we can get a fair amount of interest

and we do think for relatively inexpensive investment we can get a fair amount of interest


similar to historic numbers, they do underscore the balance that we see in our business right now. So

similar to historic numbers they do underscore the balance that we see in our business right now so


And right now, there are absolutely no conclusions as to

and right now there are absolutely no conclusions as to


This belief is based on a number of factors that continue to be positive trailer demand drivers.

this belief is based on a number of factors that continue to be positive trailer demand drivers


which positions Microbial Solutions as the only provider that can offer a unique

which positioned microbial solutions as the only provider that can offer a unique


providing Tribune's shareholders with immediate liquidity at a significant premium

providing tribune shareholders with immediate liquidity at a significant premium


that tells us that they are short and they are looking for alternatives and we put programs in place.


And although we recognize that there is more to be done, we continue to lead in transformation,

and although we recognize that there is more to be done we continue to lead in transformation


the construction loan in which we are a participant. So we feel very good about that investment.

the construction loan in which we're a participant so we feel very good about that investment


ultimately making the digital economy more accessible for consumers and merchants around the world.


together with the supply chain projects. I'll then conclude with comments on our strategy and outlook.

together with the supply chain projects i'll then conclude with comments on our strategy and outlook


Our actual results may differ materially from the forward-looking statements for a number of reasons.

our actual results may differ materially from the forward-looking statements for a number of reasons


custom options grouping, to deliver greater control and visibility to complex strategies,

custom options grouping to deliver greater control and visibility to complex strategies


and we will continue to do that. We think that will be appropriate for us to continue to build out rather than

and we will continue to do that we think that will be appropriate for us to continue to build out rather than


both of which are not incorporated into our current reserve methodology.


has now kind of stabilized versus what it was like, again, in the past 5 years?

has now kind of stabilized versus what it was like again in the past 5 years


Sure. Well, just for Bridgepoint, I mean, we really haven't gone out there and offered

sure well just for bridgepoint i mean we really haven't gone out there and offered


We will continue to add additional sites in new countries in the coming months to support enrollment.

we will continue to add additional sites in new countries in the coming months to support enrollment


these other regions? If there's any more color you can give us on those things that might be helpful.

these other regions if there's any more color you can give us on those things that might be helpful


Are there any timing issues around when flows came in and out or strange nuances you would point out?

are there any timing issues around when flows came in and out or strange nuances you would point out


Thanks for your attention, and I'm going to hand it over to Greg for a little bit more on taxes, cash flow and the balance sheet.

thanks for your attention and i'm going to hand it over to greg for a little bit more on taxes cash flow and the balance sheet


But we do have experience in these fields

but we do have experience in these fields


like your ability to drive your coater at higher line speeds and also your ability to

like your ability to drive your coders at higher line speeds and also your ability to


on my part, maybe it was a mistake that we got pinned down to a range of numbers.

on my part maybe it was a mistake that we got pinned down to a range of numbers


although I have learned over time to


And we will continue to work very hard to create access for their products at fair prices

and we will continue to work very hard to create access for their products at fair prices


at this point, we would anticipate you'd have to go through a competitive RFP to do that.

but at this point we would anticipate you'd have to go through a competitive rfp to do that


and as customers increasingly require their maintenance providers to be of substantial scale.


and achieve scale by offering it at a very exciting price to customers,


to have that become a smaller part of the total revenue. Happened a little bit faster than planned, which we're fine with.

to have that become a smaller part of the total revenue happened a little bit faster than planned which we're fine with


And so I think continuing with a strong gasoline demand numbers at least keeps the market

and so i think continuing with a strong gasoline demand numbers at least keeps the market


which are similar to the one they run in their data centers, just because people are not

which are similar to the one they run in their data centers just because people are not


I believe we have a great portfolio of global businesses and strong commercial leadership.

i believe we have a great portfolio of global businesses and strong commercial leadership


We believe this data is representative of our entire operations.

we believe this data is representative of our entire operations


But just because you're successful in any given window doesn't mean that, that brand is entitled for that success

but just because you're successful in any given window it doesn't mean that that brand is entitled for that success


Turning to the breakdown of operations, Slide 7. You can observe that

turning to the breakdown of operations slide 7 you can observe that


The implication of recurring revenue growth exceeding capital sales growth

the implication of recurring revenue growth exceeding capital sales growth


I think, last time we spoke in connection with first quarter earnings, we talked about the fixed income markets being constructive.

i think last time we spoke in connection with first quarter earnings we talked about the fixed income markets being constructive


as well as the areas like Affinity and health and benefits as well as in net new areas we're investing in beyond that.

as well as the areas like affinity and health and benefits as well as the net new areas we're investing in beyond that


And assuming all the stars aligned and everything went perfect with this acquisition, we

and assuming all the stars aligned and everything went perfect with this acquisition we


When I sort of tried to do the implicit math for the margin then in the fourth quarter,

when i sort of try to do the implicit math for the margin then in the fourth quarter


Do they have a material economic risk or incentive

do they have a material economic risk or incentive


We believe we are uniquely qualified for continued success for several reasons. First,

we believe we are uniquely qualified for continued success for several reasons first


And we are able to offset those with some other situations, whereby, a function of getting

and we're able to offset those with some other situations whereby a function of getting


precision. We're really just articulating that we continue to believe that through new product development

of precision we're really just articulating that we continue to believe that through new product development


transactions that can be more of an opportunity.


Operational synergies will include planned efficiencies due to balancing product mix.

operational synergies will include plant efficiencies due to balancing product mix


John said it best, when it comes to costs, the biggest impact was weather. And it was impact for the volume of weather

john said it best when it comes to cost the biggest impact was weather and it was impacted for the volume of weather


kind of increases we showed this quarter obviously would be tough for any business to sustain.


The final effect has been an expansion of margins of approximately 30 basis points.

the final effect has been an expansion of margins of approximately 30 basis points


is our ability to decommission. Though I would suspect that a lot of what we have

is our ability to decommission though i would suspect that a lot of what we have


provide a great service, provide a cost competitive service and to do what we say we're going to do.

provide a great service provide a cost-competitive service and to do what we say we're going to do


Our next step is to take Riptide to a 200 million a day plant.

our next step is to take riptide to a 200 million a day plant


as well as continuing to have robust interruptible volumes mowing through our system.

as well as continuing to have robust interruptible volumes flowing through our system


When we look at our smaller Generics customers, which is over half of the market unit sales,

when we look at our smaller generics customers which is over half of the market unit sales


We've really worked hard to maintain the compliance and

we really worked hard to maintain the compliance and


It is important to note that our earnings level is a reflection of our risk posture.

it is important to note that our earnings level is a reflection of our risk posture


bring anything new in terms of price competition to the category because those price points


what some would describe as a lot of challenges in the market. And so it's the culmination of

what some would describe as a lot of challenges in the market and so it's the culmination of


During the second quarter call, we discussed the fact that we are in the arbitration process with Sony,

during the second quarter call we discussed the fact that we are in the arbitration process with sony


cautious and clear about the alternatives that we have in the Italian market.

cautious and clear about the alternatives that we have in the italian market


And this step creates a lot of value to all shareholders.

and this step creates a lot of value to all shareholders


Or do you intend to have the spot price in practice

or do you intend to have the spot price in practice


Doug and I are working closely with the new sales team and I am convinced

doug and i are working closely with the new sales team and i am convinced


The European community is showing signs of recovery, with rising

the european community is showing signs of recovery with rising


So maybe now we take the last question, one more question?

so maybe now we take the last question one more question


that may help to explain some of the views that I'm stating right now as well.

uh that may help to explain some of the views that i'm stating right now as well


Any such forward-looking statements are intended to be covered by the safe harbor provisions

any such forward-looking statements are intended to be covered by the safe harbor provisions


those. Do you have any particular contingency plans around improving flexibility in the

do you have any particular contingency plans around improving flexibility in the


unwrap a few of those questions. So typically in the application set that we're playing in, in particular in the Far East,

unwrap a few of those questions so typically in the application set that we're playing in in particular in the far east


Last year, we talked a lot about our investments in Android and the importance of improving our Android application.

last year we talked a lot about our investments in android and the importance of improving our android application


The other area is that we will continue to remain really focused to buying ad on Snapchat, absolutely easy.

the other area is that we will continue to remain really focused to buying ad on snapchat absolutely easy


we now do have the advantage that we didn't have before of not having to


the idea was to strengthen the brand positioning in the lubricants market in Brazil and abroad.

and the idea was to strengthen the brand positioning in the lubricants market in brazil and abroad


will help us to get through these challenging times


environment in the transactional used vehicle sales and rental business -- businesses.


but I also think a better mix is helping to drive that forward longer term. So at

but i also think a better mix is helping to drive that forward longer term so


so that in and of itself throws off cash from working capital reduction. So

so that in and of itself throws off cash from working capital reduction so


last quarter. And we thought this would be a useful reference point for you as we talk through our segment results.

last quarter and we thought this would be a useful reference point for you as we talk through our segment results


Our anchor shipper is Anadarko, and Western Gas has an option to buy into this project.

our anchor shipper is anadarko and western gas has an option to buy into this project


weakening in the last month or actually where you thought it would be, roughly?

weakening in the last months or actually where you thought it would be roughly


the inclusion criteria of COMMAND, and those are patients with EPO levels

the inclusion criteria of commands and those are patients with epo levels


In addition, customers are always improving

in addition customers are always improving


to that proposition. Fourthly, to invest to update

to that proposition fourthly to invest to update


and this is arguably the first GaN supply chain that can actually operate with the same

and this is arguably the first gan supply chain that can actually operate with the same


But we have a target to get those costs -- our first stop

but we have a target to get those costs our first stop


Right. Thank you very much, everybody. If you have anything else which you'd like to

right thank you very much everybody if you have anything else which you'd like to


that leverages new technologies in order to reduce time to market and create competitive advantages.


of Q1, this product will be kind of fully rolled out to -- available to all of our members


Before Greg discusses financials, let me spend a few minutes of our strategic and operational progress.

before greg discusses the financials let me spend a few minutes on our strategic and operational progress


dividend recaps would be another category that we often and obviously track. So

dividend recaps would be another category that we often and obviously track so


with the additional capacity finding its way into

with additional capacity finding its way into


I mean, is that just again something that we should think about in terms of

i mean is that just again something that we should think about in terms of


wholesale client continued to do its business on our network in the Netherlands,

wholesale client continued to do its business on our network in the netherlands


On Slide 9, we've laid out the investment portfolio composition for the quarter.

on slide 9 we've laid out the investment portfolio composition for the quarter


Secondly, our ambition to outperform each area in which

secondly our ambition to outperform each area in which we


optimistic as well as we will continue with the implementation of our strategy towards our vision.


and start working with them to be much more proactive in converting those over to VIP shops.

and start working with them to be much more proactive in converting those over to vip shops


Under which, we will be maintaining data repositories for provider of information to insurance companies.

under which we will be maintaining data repositories for a provider of information to insurance companies


I would like to offer additional information about profits outside Japan.

i would like to offer additional information about profits outside japan


We will continue to invest in these growth opportunities where and when appropriate.

we will continue to invest in these growth opportunities where and when appropriate


Today's call may also involve forward-looking statements regarding the company and its businesses.

today's call may also involve forward-looking statements regarding the company and its businesses


to ensure that we continue to serve customers and continue to support


I now go to the slide implementation of sCORE.

i now go to the slide implementation of score


That's why the launch of our new purpose and our Impact Manifesto is a big step.

that's why the launch of our new purpose and our impact manifesto is a big step


More people are engaging with Weight Watchers, sharing their experiences and inspiring others.

more people are engaging with weightwatchers sharing their experiences and inspiring others


as they get to use the product and understand where it has highest utility.


These statements are subject to numerous risks and uncertainties as described in our SEC filings,

these statements are subject to numerous risks and uncertainties as described in our sec filings


but we still have fairly good visibility to those separate results for the first quarter.


In previous quarters, we had seen a higher trend in policy obligations,

in previous quarters we had seen a higher trend in policy obligations


Also, our new margin forecast for the year represents nearly 17 points of improvement over last year.

also our new margin forecast for the year represents nearly 17 points of improvement over last year


One of the challenges with alternative managers has been inconsistent distributions.

one of the challenges with alternative managers has been inconsistent distributions


in that, and there is no guarantee how long this will take. But the

in that and there is no guarantee how long this will take but the


for 26 consecutive years and we're very proud of our track record of annual dividend increases.


a customer we dearly value. I prefer not to give you any more details other than that.

a customer we dearly value i prefer not to give you any more details other than that


And once you're in the Presentations section, go to the

and once you're in the presentation section go to the


which will enable us to efficiently fund the remainder of our equity commitment.


And could you again remind us of specific impacts you expect at the Telkomsel level

and could you again remind us of specific impacts you expect at the telcon fill level


Our acquisition of WellSpring is an important building block towards the continued

our acquisition of wellspring is an important building block towards the continued


We are likewise pleased with the first half 2018 results from our International segment,

we are likewise pleased with the first half 2018 results from our international segment


helpful in their consideration of granting a conditional approval pathway for us.


What we can do now is gradual improvement. It's not as exciting as you think.

what we can do now is gradual improvement it's not as exciting as you think


but we also need to work with local hospital networks. So how did we go about this? Well,

but we also need to work with local hospital networks so how did we go about this well


but it's a kind of headache for ourselves to get to that performance.


getting their first vehicle up and running to be able to demonstrate to various customers.

getting their first vehicles up and running to be able to demonstrate to various customers


It seems that you guys have pretty strong momentum with new partner signings in the non-tolls part.

it seems that you guys have pretty strong momentum with new partner signings in the non-tolls part


Looking ahead, we continue to remain confident in both our strategy and financial plan.

looking ahead we continue to remain confident in both our strategy and financial plan


and that may be different from non-GAAP financial measures used by other companies.

and that may be different from non-gaap financial measures used by other companies


But since those loans were really originated over there, we just felt like we needed to reserve more at

but since those loans were really originated over there we just felt like we needed to reserve more at


Accordingly, we will shift our financial metric disclosure to focus on recurring revenue.

accordingly we will shift our financial metric disclosure to focus on recurring revenue


Three things really happened. So number one, some of our partners became competitors.

three things really happened so number one some of our partners became competitors


in Czechia. In Hungary, the challenge in the coming months and years

in czechia in hungary the challenge in the coming months and years


There is also a very successful minority stake in

there is also a very successful minority stake in


have them interact for years with all their -- with people around the globe.


We had a lot of the growth in China, which is probably our highest margin part of that business.

we had a lot of the growth in china which is probably our highest margin part of that business


So that's what we're working on right now is making sure that we derive the order rates in the flow business

so that's what we're working on right now is making sure that we drive the order rates in the flow business


When combined with operating expense management, this enabled us to expand our operating margins.

and combined with operating expense management this enabled us to expand our operating margins


I think it's something that the model was likely missing earlier.

i think it's something that the model was likely missing earlier


Is there a consideration that maybe you still need to think again about how much you buy?

is there a consideration that maybe you still need to think again about how much you buy


The changes that we have made are not easy and there are many more positive changes coming.

the changes that we have made are not easy and there are many more positive changes coming


On a full year basis, we expect the impact of the new revenue standard to have no impact.

on a full year basis we expect the impact of the new revenue standard to have no impact


As it is, it's my opinion that the market has at least put in a bottom.

as it is it's my opinion that the market has at least put in a bottom


I think, importantly, given my first results presentation was in the half year last year, and we had a window cleaning rig

i think importantly given my first results presentation was in the half year last year and we had a window cleaning rig


Thanks, Mays. Needless to say, we are pleased with how well we are executing on our strategy.

thanks mays needless to say we are pleased with how well we are executing on our strategy


So in all instances, we have had the money for that goods before we've paid our suppliers.

so in all instances we have had the money for that goods before we paid our suppliers


I'll then review some highlights from the quarter and provide an update on our platform as a service strategy.

i'll then review some highlights from the quarter and provide an update on our platform as a service strategy


we have decided to dissolve our local joint venture in Indonesia.

we have decided to dissolve our local joint venture in indonesia


that we weren't happy with last year, but that we think will grow this year.

that we weren't happy with last year but that we think will grow this year


This new APEX-XC is expected to be delivered in the second half of this year.

this new apex xc is expected to be delivered in the second half of this year


a new -- I have made a new split of the international

a new -- i have made a new split of the international


and who are actively looking for investment opportunities into this new type of asset.


Except for -- except as otherwise required by the federal securities law,

except for -- except as otherwise required by the federal securities laws


the lieutenant governor has also been in that administration for quite some time also.


So it's very much part of the investments that we're making in what we've talked to you about,

so it's very much part of the investments that we're making and what we've talked to you about


In this particular instance, when we look at the return on capital for this strategy,

in this particular instance when we look at the return on capital for this strategy


There will be a replay of the call, which will begin 1 hour after the call and run for 1 week.

there will be a replay of the call which will begin one hour after the call and run for one week


Our overheads increased by 40 basis points. Now there are 2 reasons for this.

our overheads increased by 40 basis points now there are 2 reasons for this


The Prestige that we are now adding to it is a good example of that. So we keep these categories fresh.

the prestige that we are now adding to it is a good example of that so we keep these categories fresh


So we are very focused on CapEx, very much focused on CapEx. But please

so we are very focused on capex very much focused on capex but please


or the revenue share. But beyond that, if you think about it from an operating perspective,

or the revenue share but beyond that if you think about it from an operating perspective


window price. And we felt like it was good to highlight. We've been talking for a number of years about how

window price and we felt like it was good to highlight we've been talking for a number of years about how


The second thing is about the demographic opportunity in the markets. We cover

the second thing is about the demographic opportunity in the markets we cover


And this was despite the weaker macro and tough FX environment in key markets

and this was despite the weaker macro and tough fx environments in key markets


We are maintaining our revenue guidance and still expect to be in the range

we are maintaining our revenue guidance and still expect to be in the range


The same can be said for our entrance into the long-term services and supports market,

the same can be said for our entrance into the long-term services and supports market


things may be out of balance a little bit in the short term, but with that pace of demand growth,

things may be out of balance a little bit in the short term but with that pace of demand growth


So on Page 7, let's review some of our highlights before we get into the more detailed review of our results.

so on page 7 let's review some of our highlights before we get into the more detailed review of our results


The solid first quarter was supported by favorable weather conditions and strong selling

the solid first quarter was supported by favorable weather conditions and strong selling


The improvements are primarily related to System Sales increasing faster than Central overhead cost,

the improvements are primarily related to system sales increasing faster than central overhead costs


And so we prefer to wait until Q3 in order to understand

and so we prefer to wait until q3 in order to understand


and this has been exacerbated by the competition for the SA vine crop.

and this has been exacerbated by the competition for the sa wine crop


for the 2 vessels previously coming off charter at the end of next year.


It's probably a little back to the question you just asked before. I think when you take a sales team in,

it's probably a little back to the question you just asked before i think when you take a sales team in


which makes this year our best first quarter in our over 20-year history. The


You can see the issues on safety of having to put all of these

you can see the issues on safety of having to put all of these


Then we'll enhance shareholder returns in order to meet the expectations of our investors.

then we'll enhance shareholder returns in order to meet the expectations of our investors


However, shareholders' equity increased due to building up of the profit during the period,

however shareholders' equity increased due to building up of the profit during the period


And do you feel like the brand's greater push for direct bookings is having any

and do you feel like the brand's greater push for direct bookings is having any


over the course of the last 3 or 4 years. When an industry is going through a very challenged time,

over the course of the last 3 or 4 years when an industry is going through a very challenged time


In addition, Alexion has the right to exercise options for additional payments

in addition alexion has the right to exercise options for additional payments


on task and replaced our former account manager. She's making good progress,

on task and replaced our former account manager she's making good progress


Got it. And then when you think about '19, and granted I

got it and then when you think about '19 and granted i


Is this something that we should consider could be

is this something that we should consider could be


to investing in capital projects that add value


we were facing the fifth lot that was expected to be


how much of it now is going to seeding sort of white space opportunities


And now let's move on and discuss some of the project and operational developments for the first quarter.

and now let's move on and discuss some of the projects and operational developments for the first quarter


and you can go buy them off the shelf and then Google do things like that and others will.

and you can go and buy them off the shelf i know google do things like that and others will


So no matter how you look at December, it's still the best comp you've had in years.

so no matter how you look at december it's still the best comp you've had in years


In addition to Central Maine, we also had a few other modular service wins in the quarter.

in addition to central maine we also had a few other modular service wins in the quarter


And that has led to that whole thinking around solutions, around service provision.

and that has led to that whole thinking around solutions around service provision


Today's coal markets emphasize the importance of low cost production and market discipline.

today's coal markets emphasize the importance of low-cost production and market discipline


and we think we have the product at a stage where these partnerships can be quite attractive for us

and we think we have the product at the phase where these partnerships can be quite attractive for us


most of our customers are having better demand, they're putting paper prices up

most of our customers are having better demand they're putting fertilizer prices up


When you look at the cost of deposits in our business banking, commercial banking,

when you look at the cost of deposits in our business banking commercial banking


we have a problem with that. I think we're confident that we have enough equity in the domestic market, and we have

we have a problem with that i think we're confident that we have enough equity in the domestic market and we have


gain more than our fair share of the market opportunity that sits there. And so

gain more than our fair share of the market opportunity that sits there and so


another year or 2 to adopt that before -- the other banks are moving to it more quickly.

another year to adopt that before the other banks are moving to it more quickly


I will now turn it over to Russell to discuss some financial items and our second quarter outlook.

i will now turn it over to russell to discuss some financial items and our second quarter outlook


And clearly, that could be accelerated by others in the industry doing the same.

and clearly that could be accelerated by others in the industry doing the same


Another key highlight from our partnership network is our innovative -- is our innovation

another key highlight from our partnership network is our innovative -- as our innovation


and once again, retail and business banking continued to expand their return on equity.

and once again retail and business banking continued to expand their return on equity


the plans to improve this and more aggressively expand sales points.


I will just say that not all the corporate stores are run profitably.

i will just say that not all the corporate stores are run profitably


so far we haven't really felt much there. I would say what impacted us a little bit more up in Canada,

so far we haven't really felt much there i would say what impacted us a little bit more up in canada


in your footprint for broadband was probably a bit lower because of demographics.


On an organic basis, excluding the unfavorable impact of changes in foreign exchange rates,

on an organic basis excluding the unfavorable impact of changes in foreign exchange rates


the profile really is not significantly different


of all nuclear plants built today or under construction adjusted for inflation.

of all nuclear plants built to date or under construction adjusted for inflation


Pricing continues to be muted with net sales being driven by volume and mix.

pricing continues to be muted with net sales being driven by volume and mix


about the performance of the triplet. Of course, there's a lot of evidence of what the control arm

about the performance of the triplet of course there's a lot of evidence of what the control arm


that over half of future development cost could be offset by contributions from our partners.

that over half of future development costs could be offset by contributions from our partners


In addition, we aim to shift from investing in businesses to managing them

in addition we aim to shift from investing in businesses to managing them


thereby proactively creating value by making use of our management skills.


Ladies and gentlemen, good afternoon. First of all, let me introduce our

ladies and gentlemen good afternoon first of all let me introduce our


We undertake no obligation to publicly update or revise any forward-looking statements

we undertake no obligation to publicly update or revise any forward-looking statements


High quality H qualified MH assets continue to command best financing terms.

high-quality age-qualified mh assets continue to command best financing terms


I'm very pleased that these results are very supportive of

i'm very pleased that these results are very supportive of


in the last quarter of the year. This is a very strong trend that we've had for many years.

in the last quarter of the year this is a very strong trend that we've had for many years


with the reduction driven by careful management of cash operating costs and working capital.


I want to reiterate that all of our work at MD Anderson is already paid for

i want to reiterate that all of our work at md anderson is already paid for


and that's the most important thing that you can have because if they're happy, they tell people about it.

and that's the most important thing that you can have because if they're happy they tell people about it


This was partially offset by the impact of sales mix from the Free Service Tire acquisition.

this was partially offset by the impact of sales mix from the free service tire acquisition


Given our size and scale, we're using this as an opportunity to kind of reassess our product assortment

given our size and scale we're using this as an opportunity to kind of reassess our product assortment


Social selling is transforming our industry, and we are working to be a global leader in this space.

social selling is transforming our industry and we are working to be a global leader in this space


They are all exposed to a growing


And I think what we have done over the past couple of years now, at least, is to establish, I think,

and i think what we have done over the past couple of years now at least is to establish i think a fairly


Tax is also an area where we are continuing to dedicate significant attention and resources.

tax is also an area where we are continuing to dedicate significant attention and resources


And this burst out much better than the expected year.

and this worked out much better than we expected here


Maintaining a strong balance sheet and dividends remains at the top of our priorities.

maintaining a strong balance sheet and dividends remains at the top of our priorities


all at once. It's easier for them. They're running a big job, they want us to take it all at once.

all at once it's easier for them they're running a big job they want us to take it all at once


The business enjoyed a firm trend on other areas as well.

the business enjoyed a firm trend on other areas as well


So if there is no new surprises in the market for whatever reason,

so if there's no new surprises in the market for whatever reason


kind of the first half of Pinnacle. Having said that, that forecast reflects

kind of the first half of pinnacle having said that that forecast reflects


And this weakness accounts for the vast majority of Pinnacle's current challenges.

and this weakness accounts for the vast majority of pinnacle's current challenges


And I think that some of that just comes from the very effect that you're talking about.

and i think that some of that just comes from the very effect that you're talking about


In certain situations, a better decision means better clinical outcome.

in certain situations a better decision means better clinical outcome


And so as a consequence, we divested it. We thought we'd be able to divest that a lot quicker than we did.

and so as a consequence we divested it we thought we'd be able to divest that a lot quicker than we did


Before we begin, I would like to remind you that during this call, we will make forward-looking statements.

before we begin i would like to remind you that during this call we will make forward-looking statements


Our investments in our utilities are needed to improve the customer experience and create value for customers.

our investments in our utilities are needed to improve the customer experience and create value for customers


Right now, the administration is gathering suggestions on what needs to be done to speed this up,

right now the administration is gathering suggestions on what needs to be done to speed this up


And then secondly, on VR. It seems like it would be the case. This is probably obvious that gamers would

and then secondly on vr it seems like it would be the case it's probably obvious that gamers would


We're strengthening our corporate governance processes, including the appointment of new independent directors,

we're strengthening our corporate governance processes including the appointment of new independent directors


and after 24 months, the customers don't have to pay any more

and after 24 months the customers don't have to pay anymore


in the glass business was not just capacity utilization but an improvement of product quality.


really benefit from the ability to get a better sense of perspective on how to interpret that.


There are 4 unique features to Remodulin as it is today

there are 4 unique features to remodulin as it is today


Our app continues to have new features to make it easier for customers

our app continues to have new features to make it easier for customers


We have done so by focusing on portfolio expansion, scientific expertise,

we have done so by focusing on portfolio expansion scientific expertise


in line with what we expected. We did expect them to take a lot of product, go through regression testing and then

in line with what we expected we did expect them to take a lot of product go through regression testing and then


This is critical because it is allowing us to have more flexibility take on business that we could not

this is critical because it is allowing us to have more flexibility to take on business that we could not


due to the lack of compression, and would not expect that until probably the first week

due to the lack of compression i would not expect that until probably the first weekend


Our presence has never been stronger during peak than it is today.

our presence has never been stronger during peak than it is today


We've tracked and closed tens of millions of gaps in care in the last year alone

we've tracked and closed tens of millions of gaps in care in the last year alone


We're also launching within our research business expansion into both payer market

we're also launching within our research business expansion into both the payer market


I'd like to turn the conference back to your speaker for any additional or closing remarks.

i'd like to turn the conference back to your speaker for any additional or closing remarks


Our GAAP numbers also improved and would have been even better except for

our gaap numbers also improved and would have been even better except for a


But as we expand our portfolio of clinically complex products, we want to make sure the Europeans are

but as we expand our portfolio of clinically complex products we want to make sure the europeans are


And as -- not only are we doing it within the banners through consumer brands,

and as -- not only are we doing it within the banners through consumer brands


Overall, we generated significant momentum over the course of the year.

overall we generated significant momentum over the course of the year


In a while, they'll be taking you through our second quarter performance and outlook in the near term.

in a while they'll be taking you through our second quarter performance and outlook in the near term


there are -- is a lot of standardization of the lines or commonalities between the lines


type of vehicles being sold, but we really haven't finalized all that yet. But generally, it's a flat environment probably.

type of vehicles being sold but we really haven't finalized all that yet but generally it's a flat environment probably


These new programs will be a bigger and better assortment of Funko products to create a more compelling

these new programs will be a bigger and better assortment of funko products to create a more compelling


But that works well when you look at annual averages, less well when you look at

but that works well when you look at annual averages less well when you look at


Outside of the energy market, demand for stainless steel products has continued to be good

outside of the energy market demand for stainless steel products has continued to be good


and through price reductions, with the remainder contributing to increased competitiveness and to the bottom line.

and through price reductions with the remainder contributing to increased competitiveness and to the bottom line


we believe that KORSUVA has the potential to address pruritus across a range of medical conditions

we believe that criserva has the potential to address paraplegics across a range of medical conditions


significant or incremental pricing pressure that's compared to what you've seen in the past.

significant or incremental pricing pressure that compared to what you've seen in the past


We're in the process of ramping up. We would like to have the next 6 months

where in the process of ramping up we would like to have the next 6 months


Okay, so just to put words around that, the incrementals might keep pace with

okay so just to put words around that the incrementals might keep pace with


litigation charges in the second half of the year.


There will be more work to come. With that, I'll turn it over to Jeff for some comments on the financials.

there will be more work to come with that i'll turn it over to jeff for some comments on the financials


In addition to a solid fourth quarter at Famous, we also wrapped up a great year,

in addition to a solid fourth quarter at famous we also wrapped up a great year


So just first a few comments on the quarter.

so just first a few comments on the quarter


Does that -- can that break 60% by the end of the year, or is that going to take a little bit longer to get there?

does that -- can that break 60 by the end of the year or is that going to take a little bit longer to get there


because you've created a pressure sink at that parent well and you end up retreating the same rock. So

because you've created a pressure sink at that parent well and you end up retreating the same rock so


So in the first instance, the balance sheet would remain unchanged because it reflects those contributions.

so in the first instance the balance sheet would remain unchanged because it reflects those contributions


This new technology will automatically connect our accounting, POS and banking systems.

this new technology will automatically connect our accounting pos and banking systems


by the improving freight environment, cost controls and synergies we have begun to implement.

by the improving freight environment cost controls and synergies we have begun to implement


David will review the company's business performance operations and growth strategies while Diana will review the financials.

david will review the company's business performance operations and growth strategies while diana will review the financials


We don't have any particular updates. That is all for me.

we don't have any particular updates that is all from me


the performance of the company relative to some of the markets it served. And as you can see, a lot of the

the performance of the company relative to some of the markets it served and as you can see a lot of the


to connect new customers were related to increased order intake.


But this is also a question of market availability because with the higher copper prices,

but this is also a question of market availability because with the higher copper prices


We're also working aggressively to continue to attract and convert more new and lapsed customers.

we're also working aggressively to continue to attract and convert more new and lapsed customers


as we look at it. But you're exactly right. We have taken a lot of steps to do everything we can to

as we look at it but you're exactly right we have taken a lot of steps to do everything we can to


I always say that whenever we have


The interest on our bond is scheduled to be paid in the first quarter and third quarter of each year.

the interest on our bonds is scheduled to be paid in the first quarter and third quarter of each year


with customers responding positively to the newness they have seen in our stores this year.


in the second half. We will continue on with our efforts to

in the second half we will continue on with our efforts to


And we think by having that loyalty program and that breadth of choice, we drive

and we think by having that loyalty program and that breadth of choice we drive


our Collins terminal is strategically located for the bulk storage market

our collins terminal is strategically located for the bulk storage market


But if you did the same -- if you asked the same question last year, which I think is your second question,

but if you did the same -- if you asked the same question last year which i think is your second question


the comprehensive testing that we've developed. That takes a lot of time, it takes a lot of effort.

the comprehensive test menu that we've developed that takes a lot of time it takes a lot of effort


So far for looking backwards, now let's look at the numbers

so far for looking backwards now let's look at the numbers


Is it as simple as that? Or do you have other moving pieces we should keep in mind?

is it as simple as that or do you have other moving pieces we should keep in mind


of advancement beyond what we believe might be the Praxair device.

of advancement beyond what we believe might be the praxair device


resources to the Sherman plant and just going to let that one run as it is?

resources to the sherman plant and just going to let that one run as it is


over the life of the SCBA, which is obviously a key value proposition for us.

over the life of the scba which is obviously a key value proposition for us


that our second half revenue comparable could decline year-on-year. However,

that our second half revenue comparable could decline year-on-year however


And we have a growing network of franchise SKECHERS stores in countries where we handle the distribution of our product.

and we have a growing network of franchise skechers stores in countries where we handle the distribution of our product


So any changes that are in process there have already been baked into your

so any changes that are in process there have already been baked into your


But because of the reason that we want to give you some insight in our financials,

but because of the reason that we want to give you some insight in our financials


So do we hold back growth a little bit when labor market becomes even more tight?

so do we hold back growth a little bit when labor market becomes even more tight


Thank you, Ron. Good morning everyone and welcome to our conference call.

thank you ron good morning everyone and welcome to our conference call


it's a very high retail base. But as we grow as a company, the real key is going to be starting to bring

it's a very high retail base and as we grow as a company the real key is going to be starting to bring


certainly don't believe at this point that the majority of it would go away.


Last year, we introduced our ATM services into Canada.

last year we introduced our atm services into canada


Second, we plan to launch new shows each year, primarily in our existing sectors.

second we plan to launch new shows each year primarily in our existing sectors


How would you characterize them versus your own expectations? And you mentioned 3 things as far as

how would you characterize them versus your own expectations and you mentioned 3 things as far as


This reflects again strict cost discipline in a pretty weak revenue environment.

this reflects again strict cost discipline in a pretty weak revenue environment


and I'm not going to specify that anymore, in relation to some antitrust matters where

and i'm not going to specify that anymore in relation to some antitrust matters where


kindly like to refer people to, rather than us speculating on what ECB, EBA are going to do.

kindly like to refer people to rather than us speculating on what ecb eba are going to do


even though the second quarter of the year always suffers from a low seasonal impact.


for our salespeople are now entirely based on growing recurring revenue.


and expect to maintain at that relative level to feed revenue growth and operating leverage.

and expect to maintain it at that relative level to feed revenue growth and operating leverage


With that said, it is important to note that we are seeing healthy pipeline growth in our business,

with that said it is important to note that we are seeing healthy pipeline growth in our business


As usual, I will provide an overview of the company's insurance operations,

as usual i will provide an overview of the company's insurance operations


We're going to provide opening statements on the status of operations and then our financial results.

we're going to provide opening statements on the status of operations and our financial results


Therefore, the investment is intended to address a part of this large and growing market.

therefore the investment is intended to address a part of this large and growing market


In addition, there have been press reports of lawmakers mentioning the possibility of finding a way

in addition there have been press reports of lawmakers mentioning the possibility of finding a way


This was a tremendous quarter, especially for the sales organization as the company set numerous leasing records.

this was a tremendous quarter especially for the sales organization as the company set numerous leasing records


In turn, this means more documents uploaded to Venue per transaction.

in turn this means more documents uploaded to venue per transactions


which leads to more cost being absorbed and capitalized into inventory during these times periods,


the pathway to getting back toward maybe those normalized


will look like. So we expect to come out of this meeting

will look like so we expect to come out of this meeting


As we have integrated employees on to the platform and increased the company's overall productivity,

as we have integrated employees onto the platform and increased the company's overall productivity


We are fully cooperating with the request and will provide updates as soon as we are able.

we are fully cooperating with the request and we'll provide updates as soon as we are able


and execute on our channel inventory destocking in Agricultural Equipment segment.

and execute on our channel inventory destocking in agricultural equipment segment


Again, not that we don't have a great team already, but we're adding additional capabilities that I think will only help.

again not that we don't have a great team already but we're adding additional capabilities that i think will only help


which is part of a broad-based effort to improve the efficiency and effectiveness across the company.


and third, the core underlying franchise performance excluding these 2 items.

and third the core underlying franchise performance excluding these 2 items


Identifying the right partner, allowing them to complete an appropriate market assessment and diligence review,

identifying the right partner allowing them to complete an appropriate market assessment and diligence review


We also made good progress on several strategic initiatives during the year.

we also made good progress on several strategic initiatives during the year


And I guess, what is the structure of these partnerships? Is it possible to,

and i guess what is the structure of these partnerships is it possible to


Brazil is probably is a practical matter coming along more slowly than we would have hoped.

brazil is probably as a practical matter coming along more slowly than we would have hoped


it's a contact sport, it's spending time with clients and talking about those opportunities.

it's a contact sport it's spending time with clients and talking about those opportunities


And then, as you think about the Delaware Basin, with our transportation capacity that we have,

and then as you think about the delaware basin with our transportation capacity that we have


So you will see some additional production coming in later on the long-term guidance.

so you will see some additional production coming in later on on the long-term guidance


because a large number of your potential sources of new talent


First, the increase in commodity costs is likely to be higher in the first half of the year.

first the increase in commodity costs is likely to be higher in the first half of the year


which will allow us to make incremental investments to further fortify our business.


Sure. And just by the way, Robin, as you were asking the question, I looked up our metrics. So

sure and just by the way robin as you were asking the question i looked up our metrics so


Why do you feel it's not the right thing to replace the talent more broadly?

why do you feel it's not the right thing to replace the talent more broadly


and we believe that we have achieved a stabilized level of operations.


for the first 6 months, I think that in many aspects of our industry, we've been going through a crisis of trust

for the first 6 months i think that in many aspects of our industry we've been going through a crisis of trust


And you can see that gas will increase while oil and coal should decrease.

and you can see that gas will increase while oil and coal should decrease


highlight that we did say that the working capital will go down and come back up


Well, opportunistic share repurchases are clearly at the top of that list

well opportunistic share repurchases are clearly at the top of that list


but you need the productive immune response, which the virus

but you need the productive immune response which the virus is


Because we have global industrial operation and industrial

because we have global industrial operation and industrial


Well, we have a structure in place that we validated with OFAC that they

well we have a structure in place that we validated with ofac that the


Okay. So I mean, would you expect them to go back up from here or.

okay so i mean would you expect them to go back up from here or


Well, if you look what is embedded and what

well if you look what is embedded in what


Is there any metrics or any things that we should be looking for in order to kind of

is there any metrics or anything that we should be looking for in order to kind of


as you would do in the spring and summer and fall months.


generation of clinical programs, which represent the insight and innovation at the heart of our company.

generation of clinical programs which represent the insight and innovation at the heart of our company


Looking across our businesses, I'll mention a few highlights of results compared to a year ago.

looking across our businesses i'll mention a few highlights of results compared to a year ago


One of the clear highlights of Q4 is our net new active number.

one of the clear highlights of q4 is our net new active number


And I guess, are some of the promotions centered around getting back to that type of growth rate?

and i guess are some of the promotions centered around getting back to that type of growth rate


do a determination of coverage. They would get the notification that they're not covered.

do a determination of coverage they would get the notification that they're not covered


start accelerating up to double digits, you'd have really have a period of -- a multiyear period of

start accelerating up to double-digit you'd have to really have a period of -- a multiyear period of


I'd say we have made great progress in this area and the outage that we took this last quarter in Europe,

i'd say we have made great progress in this area and the outage that we took this last quarter in europe


We are not just enamored with spending money to become bigger.

we are not just enamored with spending money to become bigger


Now please turn to Slide 13 for a review of our Gases Americas results.

now please turn to slide 13 for a review of our gasses americas results


They're on the ground talking to customers, looking for new opportunities,

they're on the ground talking to customers looking for new opportunities


The overall development trend is quite stable.

the overall development trend is quite stable


All growth rates and revenue and expense projections represent midpoints in our guidance range.

all growth rates and revenue and expense projections represent midpoints in our guidance range


these CMOs are literally audited by


client specifics. We only did in this instance because that was such a large impact from

client specifics we only did in this instance because that was such a large impact from


we are raising our full year 2017 crude oil production guidance


a wonderful holiday season. So have a great day and be well. Thank you.

a wonderful holiday season so have a great day and be well thank you


or breakeven on the kits. And so if somebody signs up to sell and all they do is read the books and

or breakeven on the kits and so if somebody signs up to sell and all they do is read the books and


that has very, very good knowledge of the market and is running

that has very very good knowledge of the market and is running


hardware there that didn't fit the lines at Rock Cut. So what will be

hardware there that didn't fit the lines at rock cut so what will be


we are encouraged by the fact that the response to our updated report was very positive,


So if you had to take a view that other than what we have

so if we had to take a view that other than what we have


therefore, the real results can differ from those signaled.

therefore the real results can differ from those signaled


Our sales account executives now lead with a total solution selling strategy by vertical,

our sales account executives now lead with a total solution selling strategy by vertical


and has really taken the market a bit out of whack this year and out of balance. And so

and has really taken the market a bit out of whack this year and out of balance and so


In terms of farmer marketing, this is very interesting because we are

in terms of farmer marketing this is very interesting because we are


by utilizing the same number of manufacturing line shifts and staffing levels.

while utilizing the same number of manufacturing line shifts and staffing levels


So it's those types of assets that have lower total return profiles into the future.

so it's those type of assets that have lower total return profiles into the future


with most of the improvement coming from lower depreciation and lower exploration expenses.


And obviously, the signing of gas agreements is the trigger for progressing that further.

and obviously the signing of gas agreements is the trigger for progressing that further


and are spending more than what we originally anticipated is largely in our Electrical Products segment.

and are spending more than what we originally anticipated is largely in our electrical products segment


Moving now to an update on our pipeline program, I will focus today

moving now to an update on our pipeline program i will focus today


which offers an increased potential for monotherapy and combination treatment.


to differ materially from results and events contemplated by such forward-looking statements.


So which regions do you see at that high end of the volume range and which regions do you expect to lag?

so which regions do you see at the high end of the volume range and which regions do you expect to lag


First, I would say it would have been higher. So you had -- you did have weather impacts

first i would say it would have been higher so you had -- you did have weather impacts


but when we look at the quarterly performance, we can see that there is a consolidated trend

but when we look at the quarterly performance we can see that there is a consolidated trend


Okay. And then just a little bigger picture. I know you've talked a bit about

okay and then just a little bigger picture i know you've talked a bit about


And I think the Woodford and the Sycamore, both have quite a bit of running room in our footprint.

and i think the woodford and the sycamore both have quite a bit of running room in our footprint


Our commitment to capital discipline and the shift to funding our future activities within cash flow

our commitment to capital discipline and the shift to funding our future activities within cash flow


of the values and behaviors we live to every day across our company.


is of tremendous value, and we intend to maintain our position with our key accounts.

is of tremendous value and we intend to maintain our position with our key accounts


earnings release and supplement can also be accessed in the Investors section of our website.

earnings release and supplement can also be accessed in the investors section of our website


And this is actually our first client in the Finnish market, something that we think is significant because,

and this is actually our first client in the finnish market something that we think is significant because


is strong, and I think the strategy they put in place at the outset of the year

is strong and i think the strategy they put in place at the outset of the year


more moderating sales in manufacturing in particular


how you feel about the pace of volume and the mix


beliefs of the company's management and rely on information currently available.


How does that work? How does such a small charge generate such a large cost savings?

how does that work how does such a small charge generate such a large cost savings


The company's return on invested capital has increased steadily over the last 5 years.

the company's return on invested capital has increased steadily over the last 5 years


It can be. If you're only in product sales, probably not.

it can be if you're only in product sales probably not


over the next 6 to 8 quarters. And so for us from an execution standpoint,

over the next 6 to 8 quarters and so for us from an execution standpoint


on the front end, where the exam continues to be marked as we review the quality of questions

on the front end where the exam continues to be marked as we review the quality of questions


sort of the Gulf pricing that I track and generally historically that's been sort of mixed.

sort of the gulf pricing that i track and generally historically that's been sort of mixed


are they now co-located in your headquarters? Or are they still where their previous location was?

are they now co-located in your headquarters or are they still where their previous location was